John Maynard Keynes

Quotes From

Against Savings: A Suggested Exposition of the Markets for Money and Credit
The notion of savings in economics has a variety of mutually incompatible meanings, and for the sake of clarity should be jettisoned. The textbook loanable funds model, for example, was developed in the context of unintermediated lending, and when applied to bank lending, results in a naïve conception of banks . . .

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Jan1922:51
@ANDevereaux @HarrisonSearles He’s actually making a pure theory point: if you can’t compare someone’s utility across time, it doesn’t make sense to posit a stream of consumption that gives you constant utility across time. (Goal of the book is to reconstruct micro without an explicit utility function)
◄ In reply to @ANDevereaux
Jan1922:48
@HarrisonSearles Although I think Hicks might actually agree that words in general are too fuzzy, I do think he’s convincingly established that these few are *particularly* fuzzy.
◄ In reply to @HarrisonSearles